National Health Investors INC: management transactions · United States · SEC (Form 4)

About National Health Investors INC

National Health Investors, Inc. (NYSE:NHI) is a U.S.-based healthcare real estate investment trust focused on senior housing and medical real estate. The company was established in 1991 as a Maryland corporation and operates as a self-managed REIT. Its corporate headquarters and operating base are in Murfreesboro, Tennessee, and its property and lending exposure is concentrated entirely in the United States. NHI’s business model is organized around two reportable segments. The Real Estate Investments segment includes real estate ownership, leases, and mortgage and other notes receivable tied to independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities, and hospitals. The SHOP segment, or Senior Housing Operating Portfolio, consists of ventures that own and operate independent living and assisted living assets through third-party managers. This structure gives NHI a hybrid profile: part of the portfolio generates contractual triple-net rental income, while the SHOP assets provide more direct exposure to operating performance in senior housing. From a competitive standpoint, NHI is positioned as a specialized healthcare REIT with a long operating history and a diversified multi-state footprint. Its strategy is centered on need-driven and discretionary senior housing as well as select medical facilities, which allows it to serve an aging demographic while balancing asset-level risk. The company funds investments through operating cash flow, debt capital, and equity issuance. As of year-end 2024, NHI reported gross investments of approximately $2.6 billion across 172 healthcare real estate properties in 31 states, primarily leased under triple-net arrangements to 27 tenants, plus a portfolio of 16 mortgages and other notes receivable. Its SHOP platform comprised 15 properties across eight states. Recent developments indicate an active capital-recycling and growth strategy. In 2025, NHI reported solid operating results and provided 2026 guidance for FFO and FAD that pointed to continued improvement, while keeping leverage within its targeted range. In the first quarter of 2026, the company announced additional portfolio activity, including the acquisition of a nine-property assisted living portfolio for $105.5 million, and disclosed a sizeable investment pipeline that is primarily focused on SHOP assets and senior housing sale-leaseback opportunities. That suggests management is prioritizing private-pay senior housing, disciplined underwriting, and selective expansion. For French, Belgian, and Swiss investors, NHI is a U.S. NYSE-listed healthcare real estate name with a defensive income profile, but one that remains sensitive to interest rates, operator credit quality, lease renewals, and execution risk across senior housing transitions and acquisitions.